4 June 2018

Instant Asset Write-off Scheme Extended for another year

The Instant Asset Write-Off Scheme has been extended for another year to 30 June 2019. With tax time just around the corner, now is the time for small businesses to take advantage of this great scheme. The immediate write off applies to small business entities with an aggregated turnover of less than $10 million.

What this means

If your business turns over less than $10 million per year and you make a purchase of an asset for less than $20,000 (excluding GST), whether new or second-hand, before 30 June 2018 the asset can be claimed as an expense, rather than slowly depreciating it over a set amount of years. There is also no limit to how many assets you can claim the deduction for.